opportunity recognition, evaluation, and feasibility assessment

timmons model - new venture creation is a ---- process! - components are in ---- motion and interrelated! 1. 2. 3. - striving for the balance is the never-ending entrepreneurial behavior

dynamic constant opportunity resources team

just idea vs opportunity - suppose you came up with a brilliant idea may not necessarily be an ----/profitable ----

entrepreneurial opportunity

just idea vs opportunity - entrepreneurship is ---- driven - make it impossible for the customer to misunderstand 3 laws of marketing physics: 1. ---- ---- - whats in it for me (customer)? - why should I even care? - how does it solve my problem? 2. ---- ---- ---- ---- - how will you deliver on the over-benefit promise? - why should I believe you? 3. ---- ---- - why should I choose you over the other (competitors)?

marketing overt benefit real reason to believe dramatic difference

entrepreneurial opportunity - many ideas fail, not because the entrepreneurs didn't work hard enough... but because there was no real ---- to begin with! - before getting excited about an idea, it is crucial to understand whether the idea meets the ---- for an opportunity what criteria? - how will you know whether your idea is an entrepreneurial/profitable business opportunity?... that you will be successful/sustainable tools? - opportunity evaluation/feasibility assessment is an integral part of E-ship!

opportunity criteria

creativity and opportunity recognition one way to look at "creativity" - thinking differently/changing your ---- - using your ----

perspective imagination

interpretation/insights - in essence... we see things similarly, but interpret things ----, and as a result act upon opportunities differently

differently

business model start: ---- model either: ---- model then: ---- sources either: cost model then: cost of goods ---- or ---- expenses

business revenue revenue cost sold operating

opportunity recognition - an opportunity is a timely and favorable circumstance providing a good chance for a successful venture that addresses a ---- need how is it found/created - new combinations of products/services - new means of production/supply - new distribution channels - new ways of organizing examples - different flavors of like m&m

customer

creativity and opportunity recognition - to generate an idea for a new business, you must search and often times view things with ---- eyes -> ---- and discovery (the exploration/experimentation process) - creativity is not always about novel ideas, it comes when old products are used for new things - ---- things ---- -> application -> duct tape was created in WWII to keep moisture out of ammunition boxes; then used to seal air ducts in furnaces, soldiers found many uses for the tape...

different imagination framing differently